While the Gunners agreed a fee and personal terms to sign Pierre-Emerick Aubameyang from Borussia Dortmund, the whole deal hinged on Dortmund signing a replacement.
Michy Batshuayi was the man they reportedly wanted, but likewise Chelsea were refusing to sell or loan out the Belgian until they signed a new target man.
Arsenal's Olivier Giroud then took centre stage and at one point, it was being reported the two clubs had agreed a £15 million fee.
But then, German magazine Kicker claimed Chelsea were more interested in Tottenham's Fernando Llorente than the Frenchman, who was suddenly back on Dortmund's radar.
Confusing, right? It seemed no one knew what the truth was - including us.
It's now Tuesday morning and at long last some clarity has been provided on the whole situation by the ever-reliable David Ornstein.
Ornstein is well renowned and loved by Arsenal fans for his transfer updates and he's now tweeted explaining what's happening with Arsenal, Aubameyang, Chelsea, Giroud AND Llorente.
TAKE IT AWAY, DAVID
"Merry-go-round," Ornstein wrote. "Giroud was lined up to replace Aubameyang at Dortmund then got offer from Chelsea & was keen, so Dortmund turned to Batshuayi.
"But Chelsea baulked at Giroud fee so discussed Batshuayi/Llorente swap with Spurs, which nobody agreed on. Deadlock."
THE DETAILS EXPLAINED
So there you have it - as it stands, Arsenal, Dortmund and Chelsea are in deadlock and now it all depends on what happens with Giroud.
A move to Chelsea could still happen, but for Arsenal, the best case scenario is the 31-year-old joining Dortmund and Aubameyang heading in the opposite direction.
That would leave Chelsea scrambling for a new striker, of course, meaning they could end up just sticking with Batshuayi.
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